Gypsy: A Musical Fable is a musical with music by Jule Styne, lyrics by Stephen Sondheim, and a book by Arthur Laurents. It is loosely based on the 1957 memoirs of striptease artist Gypsy Rose Lee, and focuses on her mother, Rose, whose name has become synonymous with "the ultimate show business mother." It follows the dreams and efforts of Rose to raise two daughters to perform onstage and casts an affectionate eye on the hardships of show business life. The character of Louise is based on Lee, and the character of June is based on Lee's sister, the actress June Havoc.

The musical contains many songs that became popular standards, including "Everything's Coming Up Roses", "Rose's Turn", "Small World", "Together (Wherever We Go)", "You Gotta Get a Gimmick", and "Let Me Entertain You".

It is frequently considered one of the crowning achievements of the mid-twentieth century's conventional musical theatre art form, often called the book musical. Gypsy has been referred to as the greatest American musical by numerous critics and writers, among them Ben Brantley ("what may be the greatest of all American musicals...") and Frank Rich. Rich wrote that "Gypsy is nothing if not Broadway's own brassy, unlikely answer to King Lear." Theater critic Clive Barnes wrote that "Gypsy is one of the best of musicals..." and described Rose as "one of the few truly complex characters in the American musical."

A musical based on the memoirs of Gypsy Rose Lee was a project of producer David Merrick and actress Ethel Merman. Merrick had read a chapter of Lee's memoirs in Harper's Magazine and approached Lee to obtain the rights. Jerome Robbins was interested and wanted Leland Hayward as co-producer; Merman also wanted Hayward to produce her next show. Merrick and Hayward approached Arthur Laurents to write the book. As he relates, Laurents initially was not interested until he saw that the story was one of parents living their children's lives. Composers Irving Berlin and Cole Porter declined the project. Finally, Robbins asked Stephen Sondheim, who agreed to do it. Sondheim had worked with Robbins and Laurents on the musical West Side Story. However, Merman did not want an unknown composer and wanted Jule Styne to write the music. Sondheim initially refused to write only the lyrics but was persuaded by Oscar Hammerstein to accept the job.

Baby June and Louise, the two daughters of Rose Hovick, play the vaudeville circuit around the United States in the early 1920s. Rose, the archetype of a stage mother, is aggressive and domineering, pushing her children to perform. While June is an extroverted, talented child star, the older girl, Louise, is shy. Their act has one song, "May We Entertain You", with June always as the centerpiece and Louise in the background. Rose has big dreams for the girls but encounters setbacks when her father refuses to lend her money for those dreams ("Some People"). When Rose meets a former agent, Herbie, she persuades him to become their manager using her seductive and feminine wiles ("Small World"). Through Herbie's efforts, "Baby June and Her Newsboys" becomes a top vaudeville act.

As the girls grow into adolescents, June and her act have a chance to perform for Mr. Goldstone of the Orpheum Circuit ("Mr. Goldstone, I Love You"). Meanwhile, Louise celebrates her birthday alone and wonders how old she is ("Little Lamb"). Rose rejects Herbie's marriage proposal and he considers leaving, but she asserts that he could never get away from her ("You'll Never Get Away From Me"). After an audition for T.T. Grantziger ("Dainty June and Her Farmboys/Broadway"), June is offered a place at a Performing Arts school. However, Rose turns this down, refusing to break up the act. Louise and June fantasize what life would be like if Rose were married and finished with show business ("If Momma Was Married").

A few months later, still on the road from show to show, Tulsa, one of the boys from the act, confides to Louise that he has been working on his own act and Louise fantasizes that she and he could do the act together ("All I Need Is the Girl"). Shortly after this, June is missing, and she explains in a note that she has grown sick of her mother and the endless tour and has eloped with Tulsa, with whom she will do a new act. Rose is hurt, but she optimistically vows that she will make Louise a star, proclaiming that "Everything's Coming Up Roses".

Louise is now a young woman, and Rose has built a pale imitation of the Dainty June act for her. Using all girls, Rose and Herbie try valiantly to sell "Madame Rose's Toreadorables" to a fading vaudeville industry. However, they are still together ("Together, Wherever We Go").